Meats Futures Prices
- Pampered Pigs Produce Perfect Porkers
From, "Back To The Futures" written in...
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Time indeed marches on...
- How Low Are Hog Prices Going ?
Futures Market News and Commentary
Lean hog futures were down the expanded limit in the May and June contracts, April hogs were a nickel off. Friday’s trades erased the week’s early progress as April hog futures were $3.12 lower wk/wk. The CME Lean Hog Index for March 25th was $66.17, up another $1.05, still ignoring the futures action. The National Average Afternoon Base Hog price was $58.07, down by 77 cents on Friday. CFTC data from Tuesday showed lean hog spec traders were 23,130 contracts net long. Managed money OI is down 41.6% over the last 5 weeks to 80,142 contracts. USDA estimated this week’s FI hog slaughter at 2.754 million head through Saturday. That is 226,000 head more than the same week last year. YTD slaughter is currently 5.0% above last year’s pace. USDA estimated YTD pork production through 03/28 at 7.174 billion lbs, which is 5.4% higher yr/yr.
Apr 20 Hogs closed at $58.450, down $4.450,
May 20 Hogs closed at $57.625, down $4.500
Jun 20 Hogs closed at $64... Read more
The last trade day of the week had April cattle futures down the expanded limit, and they will trade with expanded limits again on Monday. April cattle futures were still $2.30 higher Fri/Fri after 4 limit move days. Feeder cattle futures were down the expanded limit in the front months. Wk/wk May feeders posted a $2.67 gain. The CME Feeder Cattle Index was up another $1.94 to $130.44 on 03/26. The cash market trades this week were $117 to $120.50 with the bulk at $120. Dressed were $188 to $190. The CFTC released their weekly Commitment of Traders report, showing cattle specs flipped net short for only the 4th time on record (going back to June 2006). Cattle spec trader OI was down 28,923 contracts over the last 2 weeks. Managed money was 1,608 contracts net short in feeder cattle, which was 1,112 contracts less short wk/wk. Afternoon boxed beef prices were mixed, with the Chc/Sel spread tighter to $10.46. Choice boxes were $252.84 cwt., down $0.73. Select boxes were $242.38 cwt.,... Read more